There are many different definitions out there for what constitutes social media. The most widely accepted definition is the one from the Oxford dictionary (2015) which is ‘websites and applications that enable users to create and share content or to participate in social networking.’ This is the most widely used definition as it concisely covers a wide range of possible forms of social media whilst still being relatively accurate.
Social Media Marketing, in its most basic terms is the way that companies utilise any given social media platform to promote their offerings to possible consumers. Defined as being the use of social media platforms and websites to promote a product or service (Felix, Rauschnabel and Hinch, 2016).
As more and more people start using social media with Facebook having 1.5 billion monthly active users (We are Social,2016) and as mobile phones get more advanced, the influence that social media has on consumer purchasing decisions is greater than ever. Because of this the way with social media marketing is carried out is getting increasingly complicated as methods are developed to target adverts at specific demographics. See below for more information on how three of the most popular social media platforms use their websites or applications to advertise.
The first Social Networking site was called Six Degrees (Smallbiztrends, 2013), this was a very basic and rudimentary website compared to the likes of which we are used to today as all it allowed users to do was make a profile, upload photos and add other users to friends lists, like a very barebones Facebook.
The first popular Social Network however was Myspace, this was really the first Social Media Platform as we know them today, as it was far more in depth than Six Degrees and allowed the end user to do far more than Six Degrees could. As users were able to were able to post items such as statuses, videos and even music that they liked, it took off a lot faster than Six Degrees did and had a far greater exposure. It was also the first real time where brands were using Social Networks to push themselves on consumers, in the case of MySpace it was musicians. Because of the ability to upload music that they liked to MySpace to share it with their friends, popular bands soon caught on and created their own MySpace pages in the hopes of reaching listeners that might not have actually heard of them. One of the most popular bands of the last decade, My Chemical Romance, started out on MySpace and used it extremely successfully to reach their target audiences, in this case teenagers.
As of 2017, there are 2.34 billion social network users worldwide, which is currently 31 percent of the world’s population (Statista, 2017). This is nearly double the figure from 2011, where there were just over 1.2 billion social network users. This massive increase in the amount of people that any potential marketing campaign would reach through social media has led to more and more businesses using it to reach as much of their target audience as they can.
In a Mintel report from July 2016 titled ‘Online Retailing’, it goes into the United Kingdom’s social network usage figures among other things. One of the biggest figures in the report is that as of July 2016, 81 percent of all the consumers within the UK have used a social media network, with a further 75% of said consumer base having used the website Facebook. This alone shows the massive potential that marketing through Social networks has for any businesses willing to use them.
Both figures mentioned above show the large audiences that marketing through Social Media can reach. Businesses have started to take notice of this form of promotion, and in recent years more and more have begun using it as their core marketing strategy. This in turn has led to Social Media Marketing becoming a strong new trend in management, this is down mainly to how many people the advertisements can reach compared to the relatively small costs of using this form of promotion.
The most commonly used method for Social Media marketing is through Facebook, this is understandable because they currently have as much as 1.5 billion monthly active users. To help with this, Facebook have created an algorithm for their website which tailors which adverts every single user sees whilst logged on, depending on what interests the user has put on the website, as well as what they search for when they use the internet on that device. They have even gone as far as creating a page on the website where any potential businesses that would want to use the website can go on to get assistance tailoring the adverts and even as far as choosing the type of consumer that they would like to reach with said advertisements (Facebook, 2016).
The number of businesses using Facebook as one of their key forms of marketing is rising at an exponential rate and has no signs of slowing down, as of December 2015, there was 50 million businesses using the Facebook pages service to market to potential consumers (Forbes, 2015).
Another of the most commonly used Social media platforms that companies have started using to the promote their business is the website Twitter. With over 317 million monthly active users as of Q3 2016 (Statista, 2016), it is not surprising that companies have started venturing out onto Twitter as a way to reach their consumers, as well as any other people that might not have used their products or services up until now.
In an industry report on Social media marketing (Stelzner, 2011), it is stated that over 84% of businesses use Twitter as means to market themselves, a large figure when you consider that in the same report, just under forty percent of companies using social media as a marketing tool, have only started doing so within the last 1-3 years, a very recent development.
Twitter themselves have also caught onto this development and have seen the opportunities that it creates for themselves. Just like Facebook have above, Twitter have created a page on their website where businesses that could potentially be using the service, can go to find resources and advice on marketing using the website (Twitter, 2016).
Of the three Social Media platforms mentioned within this wiki, YouTube is the one that is the least utilised. This is changing however as in his follow up industry report, Stelzner (2015) has found that 66% of social media marketers plan to increase how much marketing they carry out on YouTube in the next few years.
As one of the most visited websites in the world, with over 1 billion unique monthly active users (Huffington Post, 2013), it is surprising that it has taken this long for companies to take notice of the unique marketing opportunities that YouTube offers as a service.
By using the same searching and tagging algorithms as their parent company Google, YouTube is in the unique position of being able to recommend products to consumers whilst they use the website. This is because your company can be recommended to people who are watching videos related to the market that the business is located. For instance, say a company who made video game controllers wanted to be shown to consumers who watch a lot of gaming videos, then by manipulating the ‘tagging’ system that YouTube has in place, they can make at it so that the company will show up on the side of the page whilst said consumer is watching the videos in question.
The other main way with which businesses can use YouTube to market products and services is by purchasing product placement on popular Youtubers channels. So, say again that there was a company that made video game controllers, they could send some to popular Youtubers that record themselves playing video games in the hopes that the Youtuber in question recommends the product to their viewer base.
Social Media Marketing vs more Traditional forms of promotion
Whilst looking into Social media marketing, a comparison needs to be made between using Social media to market the company as opposed to the more traditional means with which a company could market themselves, such as through television or radio.
The first and main benefit of Social Media marketing is the price of it. Using social media to market the company is significantly cheaper than the more traditional means. (Lyfe Marketing, 2016). For instance, to reach 1000 people using only Social Media it would cost $2.50, this is drastically cheaper than the main competitor, which is Television, which costs on average $28 to reach the same amount. This is an incredibly significant amount for smaller to medium businesses, the kind of whom make up the majority of businesses using Social Media marketing within their promotion strategy.
The second benefit of utilising Social Media marketing as opposed to traditional means is that it significantly increases both brand recognition as well as brand loyalty (Forbes, 2014). The increased brand recognition is down to the sheer amount of people that use social media every single day, there would be thousands of potential consumers that might not see other forms of promotion, but would see adverts if it came up on the side of their Facebook feed, for instance. The increased brand loyalty stems from the fact that interactions with a business over social media would feel a lot more personal than say, a television advert, as Social Media allows consumers to have meaningful interactions with the company that just is not possible through other means.
With the rise of streaming services such as Netflix and Amazon Prime, both of whom do not advertise outside companies on their websites and applications. One of the biggest means of promotion in the past, television adverts, is it not as powerful as it once was. As of Q3 2016 (Statista, 2016), Netflix had just under 87 million subscribers to its Television and Film streaming services. This is a hugely significant number of consumers, most of which will not have other television subscriptions. This means therefore that businesses must be able to market to them using other methods, with the ideal way being through Social Media. As the majority of Netflix users are between the ages of 18-35 (Nathanson, 2016) , it is a reasonable assumption to believe that quite a large percentage of said consumers must use at least one Social Network.
Social Media, however, is not always the best method to utilise to market to any potential consumers. 53 million people are still subscribing to cable television in the United States alone as of 2016 (NCTA, 2016). That is nearly the total amount of Netflix subscribers overall, but that figure is just for the cable television subscribers within the USA alone. This means that is the vast majority of businesses should still be advertising on television if it is within their means, as the consumer base worldwide is still so great that companies must never fully abandon it as a method of reaching potential customers.
Rockstar Games, a video games company noted for open world story-driven games such as the Grand Theft auto series, as well as the Red Dead series of games. In the past few years they have taken the approach of utilising Social Media as a tool for announcing the new projects that they have coming out. The most recent instance of Rockstar doing this was for their announcement of their highly-anticipated sequel to the game Red Dead Redemption, known as Red Dead Redemption 2.
The announcement of this game took place over the space of the week and through their accounts on both Twitter and Facebook, they uploaded cryptic images of a new game poster in an attempt to generate both hype and suspense as to what they were announcing. At the end of the week they released a 3 minute long trailer for the video game whilst simultaneously giving the title of the game away. This suspense building tactic worked, it was top on the trending lists on both Twitter and Facebook, and the trailer reached the trending front page on Youtube. This tactic showed a clear knowledge of their target audience and consumer base and they utilised the tools available to them very well.
Social Media Marketing has exploded in the last 2-4 years to become one of the leading new trends within management, with well over 75% of all businesses within the United Kingdom and the USA utilising it as means with which they can reach potential consumers. With the tools put in place by the likes of Facebook, Twitter and YouTube playing a vital role in allowing any company that decides to use their platforms as a means with which they can tailor their advertisements and whichever other marketing efforts they decide to pursue towards very specific target audiences with a much higher conversion rate than other methods.
With significant benefits to using Social Media Marketing as a key part of any sized companies marketing strategy, such as having costs that are just over 10 percent of its highest competitors, it is not surprising that so many companies are starting to make the move over to platforms such as Facebook, Twitter and in the coming year, YouTube.
Felix, R., Rauschnabel, P.A. and Hinsch, C. (2016) 'Elements of Strategic Social Media Marketing: A Holistic Framework ', Journal of Business Research., 5(1). doi: 10.1016.
What is Social media marketing?. 2
Where Social Media Marketing come from?. 2
Is Social Media Marketing a new trend in management?. 3
Example 1 - Facebook targeted advertisements. 3
Example 2 - Twitter. 4
Example 3 – YouTube. 4
Case Study – Rockstar Games. 6
Conclusion. 6
Bibliography. 8
Social Media Marketing
–
There are many different definitions out there for what constitutes social media. The most widely accepted definition is the one from the Oxford dictionary (2015) which is ‘websites and applications that enable users to create and share content or to participate in social networking.’ This is the most widely used definition as it concisely covers a wide range of possible forms of social media whilst still being relatively accurate.
Social Media Marketing, in its most basic terms is the way that companies utilise any given social media platform to promote their offerings to possible consumers. Defined as being the use of social media platforms and websites to promote a product or service (Felix, Rauschnabel and Hinch, 2016).
As more and more people start using social media with Facebook having 1.5 billion monthly active users (We are Social,2016) and as mobile phones get more advanced, the influence that social media has on consumer purchasing decisions is greater than ever. Because of this the way with social media marketing is carried out is getting increasingly complicated as methods are developed to target adverts at specific demographics. See below for more information on how three of the most popular social media platforms use their websites or applications to advertise.
The first Social Networking site was called Six Degrees (Smallbiztrends, 2013), this was a very basic and rudimentary website compared to the likes of which we are used to today as all it allowed users to do was make a profile, upload photos and add other users to friends lists, like a very barebones Facebook.
The first popular Social Network however was Myspace, this was really the first Social Media Platform as we know them today, as it was far more in depth than Six Degrees and allowed the end user to do far more than Six Degrees could. As users were able to were able to post items such as statuses, videos and even music that they liked, it took off a lot faster than Six Degrees did and had a far greater exposure. It was also the first real time where brands were using Social Networks to push themselves on consumers, in the case of MySpace it was musicians. Because of the ability to upload music that they liked to MySpace to share it with their friends, popular bands soon caught on and created their own MySpace pages in the hopes of reaching listeners that might not have actually heard of them. One of the most popular bands of the last decade, My Chemical Romance, started out on MySpace and used it extremely successfully to reach their target audiences, in this case teenagers.
As of 2017, there are 2.34 billion social network users worldwide, which is currently 31 percent of the world’s population (Statista, 2017). This is nearly double the figure from 2011, where there were just over 1.2 billion social network users. This massive increase in the amount of people that any potential marketing campaign would reach through social media has led to more and more businesses using it to reach as much of their target audience as they can.
In a Mintel report from July 2016 titled ‘Online Retailing’, it goes into the United Kingdom’s social network usage figures among other things. One of the biggest figures in the report is that as of July 2016, 81 percent of all the consumers within the UK have used a social media network, with a further 75% of said consumer base having used the website Facebook. This alone shows the massive potential that marketing through Social networks has for any businesses willing to use them.
Both figures mentioned above show the large audiences that marketing through Social Media can reach. Businesses have started to take notice of this form of promotion, and in recent years more and more have begun using it as their core marketing strategy. This in turn has led to Social Media Marketing becoming a strong new trend in management, this is down mainly to how many people the advertisements can reach compared to the relatively small costs of using this form of promotion.
The most commonly used method for Social Media marketing is through Facebook, this is understandable because they currently have as much as 1.5 billion monthly active users. To help with this, Facebook have created an algorithm for their website which tailors which adverts every single user sees whilst logged on, depending on what interests the user has put on the website, as well as what they search for when they use the internet on that device. They have even gone as far as creating a page on the website where any potential businesses that would want to use the website can go on to get assistance tailoring the adverts and even as far as choosing the type of consumer that they would like to reach with said advertisements (Facebook, 2016).
The number of businesses using Facebook as one of their key forms of marketing is rising at an exponential rate and has no signs of slowing down, as of December 2015, there was 50 million businesses using the Facebook pages service to market to potential consumers (Forbes, 2015).
Another of the most commonly used Social media platforms that companies have started using to the promote their business is the website Twitter. With over 317 million monthly active users as of Q3 2016 (Statista, 2016), it is not surprising that companies have started venturing out onto Twitter as a way to reach their consumers, as well as any other people that might not have used their products or services up until now.
In an industry report on Social media marketing (Stelzner, 2011), it is stated that over 84% of businesses use Twitter as means to market themselves, a large figure when you consider that in the same report, just under forty percent of companies using social media as a marketing tool, have only started doing so within the last 1-3 years, a very recent development.
Twitter themselves have also caught onto this development and have seen the opportunities that it creates for themselves. Just like Facebook have above, Twitter have created a page on their website where businesses that could potentially be using the service, can go to find resources and advice on marketing using the website (Twitter, 2016).
Of the three Social Media platforms mentioned within this wiki, YouTube is the one that is the least utilised. This is changing however as in his follow up industry report, Stelzner (2015) has found that 66% of social media marketers plan to increase how much marketing they carry out on YouTube in the next few years.
As one of the most visited websites in the world, with over 1 billion unique monthly active users (Huffington Post, 2013), it is surprising that it has taken this long for companies to take notice of the unique marketing opportunities that YouTube offers as a service.
By using the same searching and tagging algorithms as their parent company Google, YouTube is in the unique position of being able to recommend products to consumers whilst they use the website. This is because your company can be recommended to people who are watching videos related to the market that the business is located. For instance, say a company who made video game controllers wanted to be shown to consumers who watch a lot of gaming videos, then by manipulating the ‘tagging’ system that YouTube has in place, they can make at it so that the company will show up on the side of the page whilst said consumer is watching the videos in question.
The other main way with which businesses can use YouTube to market products and services is by purchasing product placement on popular Youtubers channels. So, say again that there was a company that made video game controllers, they could send some to popular Youtubers that record themselves playing video games in the hopes that the Youtuber in question recommends the product to their viewer base.
Social Media Marketing vs more Traditional forms of promotion
Whilst looking into Social media marketing, a comparison needs to be made between using Social media to market the company as opposed to the more traditional means with which a company could market themselves, such as through television or radio.
The first and main benefit of Social Media marketing is the price of it. Using social media to market the company is significantly cheaper than the more traditional means. (Lyfe Marketing, 2016). For instance, to reach 1000 people using only Social Media it would cost $2.50, this is drastically cheaper than the main competitor, which is Television, which costs on average $28 to reach the same amount. This is an incredibly significant amount for smaller to medium businesses, the kind of whom make up the majority of businesses using Social Media marketing within their promotion strategy.
The second benefit of utilising Social Media marketing as opposed to traditional means is that it significantly increases both brand recognition as well as brand loyalty (Forbes, 2014). The increased brand recognition is down to the sheer amount of people that use social media every single day, there would be thousands of potential consumers that might not see other forms of promotion, but would see adverts if it came up on the side of their Facebook feed, for instance. The increased brand loyalty stems from the fact that interactions with a business over social media would feel a lot more personal than say, a television advert, as Social Media allows consumers to have meaningful interactions with the company that just is not possible through other means.
With the rise of streaming services such as Netflix and Amazon Prime, both of whom do not advertise outside companies on their websites and applications. One of the biggest means of promotion in the past, television adverts, is it not as powerful as it once was. As of Q3 2016 (Statista, 2016), Netflix had just under 87 million subscribers to its Television and Film streaming services. This is a hugely significant number of consumers, most of which will not have other television subscriptions. This means therefore that businesses must be able to market to them using other methods, with the ideal way being through Social Media. As the majority of Netflix users are between the ages of 18-35 (Nathanson, 2016) , it is a reasonable assumption to believe that quite a large percentage of said consumers must use at least one Social Network.
Social Media, however, is not always the best method to utilise to market to any potential consumers. 53 million people are still subscribing to cable television in the United States alone as of 2016 (NCTA, 2016). That is nearly the total amount of Netflix subscribers overall, but that figure is just for the cable television subscribers within the USA alone. This means that is the vast majority of businesses should still be advertising on television if it is within their means, as the consumer base worldwide is still so great that companies must never fully abandon it as a method of reaching potential customers.
Rockstar Games, a video games company noted for open world story-driven games such as the Grand Theft auto series, as well as the Red Dead series of games. In the past few years they have taken the approach of utilising Social Media as a tool for announcing the new projects that they have coming out. The most recent instance of Rockstar doing this was for their announcement of their highly-anticipated sequel to the game Red Dead Redemption, known as Red Dead Redemption 2.
The announcement of this game took place over the space of the week and through their accounts on both Twitter and Facebook, they uploaded cryptic images of a new game poster in an attempt to generate both hype and suspense as to what they were announcing. At the end of the week they released a 3 minute long trailer for the video game whilst simultaneously giving the title of the game away. This suspense building tactic worked, it was top on the trending lists on both Twitter and Facebook, and the trailer reached the trending front page on Youtube. This tactic showed a clear knowledge of their target audience and consumer base and they utilised the tools available to them very well.
Social Media Marketing has exploded in the last 2-4 years to become one of the leading new trends within management, with well over 75% of all businesses within the United Kingdom and the USA utilising it as means with which they can reach potential consumers. With the tools put in place by the likes of Facebook, Twitter and YouTube playing a vital role in allowing any company that decides to use their platforms as a means with which they can tailor their advertisements and whichever other marketing efforts they decide to pursue towards very specific target audiences with a much higher conversion rate than other methods.
With significant benefits to using Social Media Marketing as a key part of any sized companies marketing strategy, such as having costs that are just over 10 percent of its highest competitors, it is not surprising that so many companies are starting to make the move over to platforms such as Facebook, Twitter and in the coming year, YouTube.
Bibliography
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Facebook (2016) How to target Facebook Adverts . Available at: https://www.facebook.com/business/a/online-sales/ad-targeting-details (Accessed: .
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Huffington Post (2013) YouTube Stats: Site Has 1 Billion Active Users Each Month. Available at: http://www.huffingtonpost.com/2013/03/21/youtube-stats_n_2922543.html (Accessed: 08/02/2017).
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Huffington Post (2013) YouTube Stats: Site Has 1 Billion Active Users Each Month. Available at: http://www.huffingtonpost.com/2013/03/21/youtube-stats_n_2922543.html (Accessed: 08/02/2017).
Lyfe Marketing (2016) Traditional Media vs. Social Media Advertising. Available at: https://www.lyfemarketing.com/traditional-media-versus-social-media/ (Accessed: 09/02/2017).
Mintel (2016) Online Retailing. London: Mintel. Available at:(Accessed: 09/02/2017).
Nathanson, M. (2016) 81% OF THOSE AGE 35 AND YOUNGER HAVE A NETFLIX SUBSCRIPTION. MoffetNathanson Research. Available at: http://exstreamist.com/81-of-those-age-35-and-younger-have-a-netflix-subscription/ (Accessed: 09/02/2017).
NCTA (2016) Industry Data. Available at: https://www.ncta.com/industry-data (Accessed: 09/02/2017).
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Statista (2017) Social Media Statistics and Facts. Available at: https://www.statista.com/topics/1164/social-networks/ (Accessed: 09/02/2017).
Statista (2016)
Number of Netflix streaming subscribers worldwide from 3rd quarter 2011 to 3rd quarter 2016 (in millions) . Available at: https://www.statista.com/statistics/250934/quarterly-number-of-netflix-streaming-subscribers-worldwide/ (Accessed: 09/02/2017).
Statista (2016) Number of monthly active Twitter users worldwide from 1st quarter 2010 to 3rd quarter 2016 (in millions). Available at: https://www.statista.com/statistics/282087/number-of-monthly-active-twitter-users/ (Accessed: 09/02/2017).
Stelzner, M. (2015) 2015 Social Media Marketing Industry Report. Available at: 2015 Social Media Marketing Industry Report (Accessed: 09/02/2017).
Stelzner, M. (2011) SOCIAL MEDIA MARKETING INDUSTRY REPORT : How Marketers Are Using Social Media to Grow Their Businesses. Available at: http://www.craigkunce.com/cdt/cdt_samples/oehninger_barbara_sp2012.pdf (Accessed: 09/02/2017).
Twitter (2016) How Twitter can help your business. Available at: https://business.twitter.com/en/basics.html (Accessed: 09/02/2017).
We are Social (2016) We are Social, Global Digital Statistics. Available at: http://www.slideshare.net/wearesocialsg/we-are-socials-global-digital-statshot-august-2015?ref=http://wearesocial.com/uk/special-reports/global-statshot-august-2015 (Accessed: 07/02/2017).